43North, which is Buffalo’s latitude on the world map, is literally putting us on the map in the startup world. The competition continues to operate as part of Governor Andrew M. Cuomo’s Buffalo Billion initiative, with funding supported by the New York Power Authority.
Applications are now being accepted now through May 31, 2018 for the fifth year of 43North. Over the first four years of the competition, 43North has crowned 37 winning startups from across North America and as far away as Taiwan and Israel. Those companies have raised more than $80 million since becoming winners.
43North's 2018 award structure is as follows:
- One $1 million grand prize
- Six $500,000 runner-up prizes
- $1 million in follow-on funding, which will be divided into investments for multiple 2018 winners at the end of 2019.
43North winners also receive free space in 43North's incubator, participation in an expanded mentorship program, marketing exposure and access to the START-UP NY program, which enables companies to operate free of New York State taxes for up to 10 years.
For more information, visit 43north.org.
In addition to the $5 million in prize money, the competition winners will relocate to Buffalo where they will receive free incubator space for a year, guidance from mentors related to their field, and access to other exciting incentive programs such as START-UP NY, a program that enables companies to operate tax-free in New York State for 10 years. One 2017 winner will also be offered $300,000 in follow-on funding at the end of 2018.
The winners are entrepreneurial champions who are ready and willing to use their ideas to invigorate the existing business community, attracting additional startups to the region in the future. When that happens, the Buffalo Niagara region will also be a winner with a core of fast-growing companies and exciting new jobs.
In 2014 Governor Andrew M. Cuomo launched 43North, the most ambitious startup competition ever unveiled in the United States. The competition is designed to systematically generate new business ventures in Western New York, support early-stage firm growth, and attract additional venture funding to the region. With $5 million in cash prizes, including a top award of $1 million, 43North has set out to turn the best new business ideas from around the globe into a reality, right here in our region.